Representation of Payer / Payee relationships
We’ve added functionality to allow FinTechs to represent the relationships between Payer and Payees on the platform. In addition, we have reduced the restriction around duplicate customer identities, enabling a customer identity to be used across all the use cases relevant for that customer.
3DS for Instant Account Funding
We have added EMV 3D Secure authentication to Instant Account Funding. This adds a layer of security for online card transactions by requiring cardholders to complete an additional verification step with the card issuer in order to authenticate their purchases. This reduces fraud risk and shifts the liability for fraud-related chargebacks from the merchant to the issuer.
Cannabis state rule check
We added the ability to maintain and track state rule checks for cannabis sales.
My Data [Demo] available in Synctera Insights
We have added the My Data [Demo] product feature, available in Synctera Insights. This feature allows an Insights user to experiment with the features of the platform and gain understanding about the signature data elements of different types of data, including customers, accounts, addresses, and transactions. You can access our new feature directly from the Insights home page; or you can access it from this link here.
Smart Card API Guide (consumer)
We published the updated Smart Card guide and related API to help Fintechs launch and maintain smart card programs.
Statements API generates interest schedules based on account status
We have refined the statement API logic to generate an interest schedule based on account status. This means that after May, inactive accounts will get statements from FinTechs while closed/charged off accounts will stop getting statements as those accounts become terminal stage. Similarly for interest schedules, the interest will stop accruing once the account becomes closed/charged off.
Updates to the Synctera Console user interface
We have updated and improved the ACH transactions UI so that users can now see more accurate information about ACH transfers. This enables users to have real-time insights into ACH status when running investigations.
With Cards UI enhancements, users can issue credit and/or debit cards based on the product nature for both physical and virtual cards within the platform.